Mumbai: The IPL Kochi franchise, whose partners have been finding it difficult to form a Joint Venture company conforming to the norms of the Twenty20 League as stipulated by the BCCI, has asked the Board to provide them some more time to do the needful.
"Yes (we have asked for more time). We are in an advanced stage of negotiations and need time to tie up technicalities," messaged the franchise's CEO Satyajit Gaekwad to a query from PTI.
The franchise, which had been given 10 days to sort out its problems, on Wednesday submitted its letter to the BCCI, which will now take a decision on the newly-formed team's fate in the fourth edition of the high-profile league.
The IPL Kochi franchise has asked the Board to provide them some more time to form a Joint Venture company.
The legal team of the Cricket Board has been entrusted with the task of studying the letter which has been forwarded to Board president Shashank Manohar.
"Today was the last day given to the the Kochi franchise for responding to the notice given to them. They held a few meetings in the last two-three days and submitted a letter which has been sent to the president (Shashank Manohar)," said BCCI's Chief Administrative Officer, Prof Ratnakar Shetty.
Without revealing the content_cns of the letter submitted by the franchise, whose partners have been squabbling over the nitty gritties of forming a Joint Venture company as per the norms and regulations stipulated by IPL, Shetty said the Board would take a call on the letter's content_cn after its legal department studied it.
"The president will study it, our legal team will study it before taking a decision," he said, adding that the Board, at present, has not thought about calling a meeting of the IPL Governing Council.
The various partners forming the consortium that successfully bid for the franchise, have had a series of meetings here to form the Joint Venture company that will hold the franchise rights for IPL.
According to sources, the meetings were inconclusive in sorting out the differences between the two factions fighting for control of the franchise.
The crux of the dispute is who will run the affairs of the franchise, bought from the Cricket Board for a staggering USD 333 million, once the JV was formed.